Do you recall those times before smartphones? Your chunky flip phone was used primarily for making calls and receiving texts occasionally. Mobile technology has truly changed the way we live. We always have smartphones in our hands that are actually controlling our lives. Looking at the current mobile commerce trends, we can see how far we’ve come since the days of Nokia.
What is Mobile Commerce?
Mobile Commerce, or simply m-Commerce, is the process of completing any monetary transaction for any goods or service virtually from anywhere using a wireless handheld device like a cell phone or tablet. mCommerce goes beyond being a straightforward development of electronic commerce. Here are a few examples of mCommerce:
- In-app purchasing
- Virtual marketplace apps
- Browser based purchasing
- Digital wallets like Google Pay, Apple Pay, Paytm and more…
Mobile commerce has rapidly evolved in recent years, transforming how people shop and interact with businesses. It will continue to grow over the years due to the drastic changes in the purchasing behavior of consumers. According to Statista’s yearly market report, mobile commerce account for $2.2 trillion in revenue in 2023 and is speculated to reach $3.4 trillion in 2027.
How is Mcommerce Different from eCommerce?
M-Commerce vs. E-Commerce: Mobile commerce entails electronic transactions carried out on portable devices like smartphones and tablets. eCommerce, on the other hand, is a broader term and encompasses all electronic transactions carried out online.
For example, purchasing something from Amazon using a tablet or phone is mobile commerce while using your desktop to make payment for a purchase is ecommerce.
9 Mobile Commerce Trends You Need to Know About in 2024
As we are almost reaching the end of 2023, several key mobile commerce trends are shaping the landscape of mobile commerce, influencing consumer behavior and business strategies. So, let us check out the top 9 mobile commerce trends that are going to rule in 2024.
1. Mobile Wallets are Becoming Go-to Payment Method
Mobile payments have become an essential component of mobile commerce. Mobile wallets like Apple Pay, Paytm, Google Pay have gained popularity because using them mobile users can easily make purchases without manually entering their payment information.
Users can securely store their payment information in their mobile devices instead of carrying physical wallets or entering credit card details for every purchase. With mobile wallets, you can make quick and contactless payments by simply tapping your phone from anywhere. This eliminates the need for cards, which makes transactions faster, safer and more secure.
2. One Click Ordering
One of the biggest reasons people abandon their online shopping carts is the checkout process being too complicated. One-click ordering is an innovation that streamlines the checkout process, allowing customers to make purchases with just one click.
This feature is increasingly popular on mobile devices because it offers convenience for shoppers on the go. Retailers are even putting much effort into mobile app development to create a seamless and convenient mobile shopping experience. These apps make it much easier to complete the checkout process.
3. Increased Use of Voice Search for Shopping
With the advancements in natural language processing and AI technology, voice search for ecommerce site technology is becoming increasingly popular. Businesses are starting to take notice because it offers a convenient way to shop. By using virtual assistants like Alexa, Siri and Google Assistant, people can now purchase using just their voice.
For example, imagine you are cooking in the kitchen and realize you need to order some groceries. Instead of stopping what you’re doing and typing on your phone, you can simply ask your virtual assistant to add items to your shopping cart or place an order for you.
By 2024, it is predicted that half of all online searches will be voice searches. Therefore, companies must optimize their mobile commerce platforms for voice search to remain competitive. They can integrate voice search into shopping apps and websites. By enabling consumers to find products and make purchases using voice commands, businesses can offer a more immersive and natural shopping experience.
Augmented reality (AR) and Virtual Reality (VR) technologies are already transforming how we shop on mobile devices. They are being used to provide a more captivating and interactive shopping experience. For example, some fashion brands have AR fitting rooms that allow you to virtually try on clothes and see how they look on your body. Others help you see how furniture will look in your space, or even allow consumers to test makeup products without physically using them.
By 2024, these technologies will become even more advanced. Businesses will leverage AR/VR technology to allow customers to visualize products in real-world environments, increasing their confidence in purchasing. It will provide consumers with a highly immersive shopping experience by overlaying virtual elements onto the real world through your mobile device camera.
5. Social Commerce is Booming
Social commerce has experienced a tremendous growth in 2023 and social channels have become an increasingly important part of mobile commerce in recent years. It’s all about using social media platforms like Instagram and Facebook to sell their products directly to consumers. You can discover products and make purchases without leaving your favorite social apps.
It is like having a virtual mall right at your fingertips. With social commerce, brands can:
- Showcase their products with shoppable posts and stories.
- Collaborate with social media influencers to promote their products.
- Show real-time reviews and feedback from other users.
- Make shopping for their audience more convenient and interactive.
6. Progressive Web Apps (PWAs)
Progressive web apps (PWAs) are becoming increasingly popular because they offer a seamless user experience that rivals native apps. PWAs are web-based apps designed to function like native apps, offering the same functionality and performance.
PWAs will soon become an even more essential component of mobile commerce, offering businesses a cost-effective way to provide a mobile app experience to their customers. So, make sure you invest in progressive web apps in the coming year.
7. Personalization is the Key
With the development in AI and machine learning, retailers are able to gather and analyze vast amounts of customer data. This allows them to create highly personalized shopping experiences that help in meeting the needs and preferences of the people. For example, when you visit an online store, you may notice that the homepage showcases products that are relevant to your interests or previous purchases. This is because the retailer has analyzed your browsing and purchasing history to curate a personalized selection for you.
Personalization goes beyond just product recommendations. Retailers also use personalization to offer customized promotions and discounts to their customers. You may receive exclusive offers or coupons made just for you based on your shopping patterns and preferences. Personalization has even led to a boom in ecommerce trend sales. So, it can be safe to say that going forward, personalization will be crucial in any business’ success.
8. Mobile Chatbots
Chatbots are becoming increasingly common in customer service, especially on mobile devices. Chatbots are AI-powered tools that automate customer interactions, providing customers with quick and efficient assistance. In the coming years, chatbots will become even more sophisticated, providing businesses with an efficient means to answer customer queries.
If you want to offer customer service to your clients 24*7, 365 days a year then you will need to integrate AI-powered chatbots with your site. They will save your time and free resources that you could use somewhere else.
9. Sustainability is a Growing Concern
As people become more aware of the environmental impact of their actions, including their shopping habits, sustainability has become a significant consideration in mobile commerce. Consumers are constantly seeking out eco-friendly and sustainable options when making purchases through mobile devices.
Businesses have understood this shift in consumer behavior and are responding by offering sustainable products and implementing environmentally friendly practices. For example, many mobile commerce platforms now feature dedicated sections for sustainable and ethically sourced products. Additionally, mobile commerce apps include features that allow users to identify and evaluate the sustainability credentials pf products easily.
Mobile shopping will only grow stronger as time passes. It means that mobile commerce will be crucial for businesses of all sizes. The mcommerce trends we discussed are not likely to die out anytime soon. Therefore, by keeping up with the latest trends, companies can offer their customers a seamless and convenient shopping experience, remain competitive, and leverage the full potential of the mobile commerce revolution.